EdgeConneX – Project Walleye
The US$3bn construction financing for a 224MW hyperscale datacentre campus known as Project Walleye in New Albany, Ohio, paired with a dedicated 365MW on-site natural gas power plant and 170MW of battery storage, operating as an islanded, behind-the-meter microgrid, for EQT-backed datacentre operator EdgeConneX.
Banks and Lenders: Natixis, MUFG, Société Générale, RBC - report, SMBC – report (Coordinating Lead Arrangers)
Legal Advisors: A&O Shearman (Borrower), Milbank (Lenders)
Hut 8 – Senior Secured Notes Issuance
The US$3.25bn offering of 6.192% senior secured notes due 2042 to finance Hut 8's River Bend AI datacentre campus in West Feliciana Parish, Louisiana, financing 245MW of critical IT capacity.
Banks and Lenders: J.P. Morgan (Lead Bookrunner), Goldman Sachs, Morgan Stanley (Joint Bookrunners)
Legal Advisors: Milbank (Hut 8)
Meta / Blue Owl Capital – Project Beignet
The US$27.3bn structured joint venture between Meta Platforms and funds managed by Blue Owl Capital to develop the Hyperion AI datacentre campus in Richland Parish, Louisiana, a 2.1GW campus spanning 2,700 acres.
Lenders: PIMCO
Financial Advisors: Morgan Stanley (Exclusive Financial Advisor to Meta, Sole Bookrunner)
Legal Advisors: Latham & Watkins (Meta), Eversheds Sutherland (Meta, Leasing), Fenwick (Meta, Tax), Kirkland & Ellis (Blue Owl Capital), Milbank (Morgan Stanley), Dorsey & Whitney (Wilmington Trust), Clifford Chance, Greenberg Traurig (PIMCO)
Related Digital – Senior Secured Notes Issuance
The US$14bn offering of 7.500% senior notes due 2045 to finance Related Digital's US$16bn hyperscale datacentre campus ("The Barn") in Saline Township, Michigan, a three-building, 1GW+ campus.
Financial Advisors: Bank of America (Structuring Agent and Financial Advisor), Goldman Sachs, Wells Fargo.
Legal Advisors: Kirkland & Ellis (Related Digital), Greenberg Traurig (PIMCO)
STACK Infrastructure – Project Miner
The US$18.01bn project financing for STACK Infrastructure/Blue Owl Digital Infrastructure's Project Miner datacentre campus in Doña Ana County, New Mexico, a 1.28GW campus across four datacentre assets, each financed under separate non-recourse facilities, for STACK Infrastructure/Blue Owl Digital Infrastructure.
Banks and Lenders: SMBC (Administrative Agent and Structuring Bank), MUFG (Documentation Agent), ING (Sustainability Coordinator), BNP Paribas (Co-Structuring Agent), BBVA, Banco Santander, CoBank, Crédit Agricole CIB, Citi, DBS Bank, Deutsche Bank, Goldman Sachs, Goldman Sachs AM, Intesa Sanpaolo, JPMorgan Chase, Mizuho, Morgan Stanley, Natixis, OCBC, RBC, SMBC, Société Générale, TD Securities, Truist, Wells Fargo
Legal Advisors: Kirkland & Ellis (Sponsor), Skadden (Borrower's Counsel), Milbank (Lenders)
Switch – Syndicated Letter of Credit Facility
The US$2.6bn syndicated performance letter of credit facility for Switch, structured to support power procurement and transmission/generation infrastructure across its gigawatt-scale campuses.
Banks and Lenders: BBVA and Natixis CIB (Structuring Banks, Initial Coordinating Lead Arrangers and Joint Bookrunners; Natixis also Administrative Agent), BNP Paribas, Citibank and Société Générale (Coordinating Lead Arrangers), CIBC, Rabobank, RBC, Scotiabank and SMBC (Joint Lead Arrangers), Standard Chartered (Mandated Lead Arranger)
Legal Advisors: Milbank (Switch), Greenberg Traurig (Switch, local NV counsel), Paul Hastings (Natixis and Issuing Banks)
Vantage Data Centers – Project Jacquard
The US$22.75bn project financing for Vantage Data Centers' Project Jacquard campus in Shackelford County, Texas, a 1.4GW, 10-building datacentre development forming part of the Stargate AI programme.
Banks and Lenders: MUFG, JPMorgan, BNP Paribas, Goldman Sachs, Société Générale, Wells Fargo (Initial Coordinating Lead Arrangers); Bank of America, BMO Capital Markets, Crédit Agricole CIB, Citi, DBS Bank, First Abu Dhabi Bank, ING, Intesa Sanpaolo, Mizuho, Natixis, OCBC, RBC, Banco Santander, Scotia, Standard Chartered, TD Securities, Truist (Sub-underwriters)
Legal Advisors: White & Case (Borrower), Milbank (Lenders)